Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

ISX index goes up

The Iraqi Stock Exchange (ISX) index rose by 0.674% on Thursday compared to the previous session, closing at 34.350 points.

Traded shares in Thursday's session exceeded 1.660 billion at a total value of over $2.529 million by implementing 270 contracts.

Non-Iraqi investors participated with over 125 million shares, totaling more than 168 million Iraqi dinars by implementing 28 contracts in the banking sector.

According to the daily analysis of the capital market, the banking sector's index, in which 15 companies traded, closed at 36.610 points, 0.411% higher than the previous session; while the industrial sector, in which eight companies traded, ended at 11.111 points, same as the previous session.

The statement concluded that 28 companies were traded in Thursday's session out of 94 companies registered in Iraq's stock exchange, of which eight indexes went up, four dropped, and 16 maintained their previous price.

Aswat Aliraq

Political aims behind delay in approving 2008 budget - MP

The leader of the Kurdistan Coalition (KC) parliamentary bloc said on Thursday that some political aims behind the delay in approving the 2008 general budget.

"Some political blocs try to delay the approval of the 2008 budget in an attempt to prevent Iraq's Kurdistan region form having the 17% share of the budget," Fouad Maasoum told Aswat al-Iraq - Voices of Iraq - (VOI).

"The share was determined by a law enacted during the former government under Iyad Allawi, and it needs another law to cancel this share," the lawmaker added, noting that those who call for dedicating only 13% for the region are depending on the census made in 1987, which is not accurate now.

"The KC will not give up the 17% share until holding a census throughout Iraq," he asserted.

The Kurdistan Coalition is the second largest bloc in the Iraqi parliament with 55 out of a total 275 seats.

The parliamentary economic committee had proposed a 13% budget share for Kurdistan, but the regional government insisted a higher share of 17%.

The total amount of Iraq's general budget for 2008 is $47 billion.

Aswat Aliraq

PM calls for providing oil, electricity

Iraqi Prime Minister Nouri al-Maliki on Thursday called on oil and electricity ministries to do their utmost to provide citizens with electricity and oil derivatives.

"The premier met with technicians and specialists from oil and electricity ministries, during which he was posted with the electricity ministry's 2008 plan as well as a project presented by the oil ministry to transport oil in an alternative manner rather than through the use of pipelines, which came under armed groups attacks," al-Maliki's office said in a statement received by Aswat al-Iraq

Aswat Aliraq

VP supports forming new government

Iraqi Vice President Adel Abdel al-Mahdi on Thursday expressed his support to forming entirely new government.

Speaking at a press conference held in Najaf, Abdel Mahdi said “I supported making complete changes to the government, bringing in new efficient ministers unaffected by the quota system”.

Yet, he also called for considering “the power of he parliamentary blocs for the new government since the prime minister can not go to parliament without holding the confidence for approving his government”, he pointed out.

Earlier Thursday, Abdel Mahdi arrived in the Shiite Najaf city, visiting holy shrines and key clerics.

“Selecting efficient ministers would enable the parliament to question the prime minister without partisan leaning”, he added.

The VP, a key figure in the Shiite Supreme Iraqi Islamic Council (SIIC), criticized the parliament failure to approve the fiscal budget for calendar 2008 year.

“Delaying the budget would result in huge loss”, he warned, “The budget has already approved by the cabinet of ministers”.

The budget for calendar 2008 saw heated debates about the share allocated for Kurdistan region. The Kurds asked for 17% out of the government total $48 billions budget citing documents for population and extra money to develop damaged areas by the former regime.

While other parliamentary blocs and MPs demanded giving the region only 13% of the budget, asking for balanced and equal sharing of money offered by the budget.

The VP conceded that the key Shiite clerics expressed their resentment over delay in endorsing the budgets and other pending issues.

“The clerics voiced people’s suffering and they (clerics) pressured to go forwards in reforms," the Shiite politician said.

On Thursday, the parliament failed again to endorse the provinces law, one of the key regulation regarded by Iraqi officials and US administration as benchmark to boost security and enhance the national reconciliation.

Aswat Aliraq

First Wave of Iraq State Investment Opportunities to be Signed at Historic Summit

The Iraq Development Program is delighted to announce the forthcoming Commercial Investment Summit, under the instruction of Iraqi Minister of Industry & Minerals H.E. Fawzi Hariri.

The summit, to take place in Dubai on 19-20 April 2008, comes following the decision by Minister Hariri to open up Iraqs state owned industries to the global market. This will allow international companies the opportunity to be joint venture partners, as Iraq begins its journey from centrally planned economy to regional economic powerhouse.

Such partnerships and production sharing agreements will play a leading role in Iraq's industrial rehabilitation. Over 40 of the country's most productive and lucrative state owned enterprises are now looking to enter into such agreements, having been given the go-ahead by the Ministry.

Therefore, a senior delegation of Iraqi officials will be travelling to Dubai to sign agreements with operators and investors for these opportunities. The delegation will be led by the Minister and will feature the six leading director generals from the Ministry, government legal advisors and advisors from the Office of the Prime Minister. The officials are responsible for Iraq's six primary industrial sectors, these being petrochemicals, food and pharmaceuticals, construction, engineering, industrial services and textiles.

Participation is strongly recommended for all international operators, the summit providing one of the first opportunities to participate in the development of Iraq’s largest non-oil sectors and sign letters of intent with the director generals individually responsible for over 40 of Iraq’s leading state owned enterprises. For a full list of Iraq's state owned enterprises please visit the Ministry website: www.industry.gov.iq

http://www.iraqdirectory.com/DisplayNews.aspx?id=5515

Iraq continues bank IT modernisation

Iraq's biggest state bank has agreed one of the world's largest core banking technology implementation projects, continuing the modernisation of the country's financial sector.

Rafidain Bank has selected an integrated turnkey core banking solution from Misys and B-Plan Information Systems, it was announced on Wednesday.

The solution includes the deployment of electronic clearing systems, the Misys core banking solution, and the supporting hardware and communications network across the bank's 148 domestic and seven regional branches.

Iraq's Central Bank and Ministry of Finance signed a formal memorandum of understanding in December 2006 on the operational and financial restructuring of state-owned banks, which includes the deployment of electronic clearing systems.

Bayan Jabr, Iraq's Minister of Finance, said: "I am determined to modernise the banks. My wish is that every Iraqi citizen has a Visa card and for every Iraqi citizen to have a bank account which he is able to manage through the internet, regardless of whether he is a government employee or not."

http://www.iraqdirectory.com/DisplayNews.aspx?id=5519

UN envoy reiterates support to Iraq Cabinet

Iraqi first vice Speaker Sheikh Khaled Al Attiye discussed in a meting with UN Chief special envoy to Iraq Steffan De Mistura mechanisms of the higher commission for elections. They conferred as well about the commission’s preparations for coming elections away from sectarian and political pressures.

For his part, De Mistura clarified that the United Nations is ready to provide assistance to the Iraqi government on all levels.

On the other hand, head of Anbar Awakening Council Sheikh Hamid Al Hayes met with Parliament Speaker Mahmoud Al Mashhadani and called on the government to work on dismissing Islamic Party members from Anbar Province. Al Hayes accused the party’s members of links with Al Qaeda noting that the presence of the Islamic Party in the province will negatively affect security and re-fuel violence.

UN envoy reiterates support to Iraq Cabinet | Iraq News | Alsumaria Iraqi Satellite TV Network

Arab League to promote Iraq reconciliation

A senior delegation from the Arab League presided by Secretary General assistant Ahmad Ben Jali is expected in Baghdad mid next week to discuss means of promoting the national reconciliation process. Arab League chargé d’affaires in Baghdad Tarek Abdul Salam explained that the delegation’s visit would be primary to be followed by other meetings and visits. He noted that the delegation’s agenda is full of meetings with major Iraqi powers in government and parliament as well as parties outside the political process. Abdul Salam noted that the Arab League delegation will propose to Iraqi leaders a national reconciliation project based on the national consensus initiative adopted by the Arab League in agreement with Iraq leaders in mid 2006. The conference will be convened in Cairo.

It is to be noted that the delegation’s visit has been adjourned more than once for unknown reasons. However, reports say that certain powers in the government and the Unified Coalition Bloc have showed reservation on the delegation’s mission mainly on convening the conference outside Iraq as well as the participation of Baathists. At his point, fears have arisen on the possibility of turning this conference into a campaign against the current political process in Iraq.

Arab League to promote Iraq reconciliation | Iraq News | Alsumaria Iraqi Satellite TV Network

Connection between Iraq and Lebanon in media

Iraq and Lebanon have their share of strenuous political conjuncture and social crisis, having the media and journalism as a common ground.

Upon Alsumaria invitation, Al Sabah Newspaper editor-in-chief Falah Meshaal visited Lebanon where he met Information Minister Ghazi Al Aridi. Meshaal and Aridi conferred about media issues mainly Al Sabah Newspaper determination to open up to the Lebanese scene and conclude cooperation protocols with Lebanese Newspapers. They discussed as well the status of foreign and Iraqi journalists mainly in Lebanon as well as facilities provided by Lebanese Information Ministry for foreign journalists.
Accompanied by Alsumaria General Manage Jean Claude Boulos as well as Public relations and International Affairs Adviser Maha Hamdan, Meshaal affirmed that Al Sabah Newspaper is in equal distance with all political parties while it unites all components of the Iraqi people.

For his part, Al Aridi affirmed that the media honors foreign journalism mainly Arab press and has established a special department in the Ministry to follow up foreign journalists’ issues.

As for the connection between Iraqi and Lebanese media, Al Aridi asserted that media cooperation between the two countries is the main target which will be attained following specified mechanisms.

Connection between Iraq and Lebanon in media | Iraq News | Alsumaria Iraqi Satellite TV Network

Update......

Oil Minister: Government determined to issue Oil Law

Iraqi Oil Minister Hussein Al Shahritsani affirmed that it’s soon to know whether OPEC will change its oil production in its ministerial meeting on March 5. In an interview with Reuters on the sidelines of London conference, Al Shahristani noted that OPEC decision will be based on market and demand figures. He renewed the government’s determination to accelerate the issuance of Oil Law and increase daily production to about 3 million barrels a day before the end of the current year. Al Shahristani affirmed that Iraq plans to increase its production three times within five years to reaching 6 million barrels a day.

On the other hand, Iraq Kurdistan’s regional government affirmed that it will pursue signing contracts with oil companies despite threats of cutting off exports due to the debate over the validity of these contracts. Kurdistan’s regional government Oil Minister Ashti Hourami said on the sidelines of an oil conference in London that Kurdistan did not stop yet signing new contracts and will pursue talks with oil companies. He warned that Baghdad threats will only draw away investments. He added that if there were differences between the regional and the central governments, they should be solved between he concerned parties as third parties should not be dragged into this debate.

Oil Minister: Government determined to issue Oil Law | Economics News | Alsumaria Iraqi Satellite TV Network